International law firm investigates multiple complaints against Banc de Binary 


International law firm investigates multiple complaints against Banc de Binary

International law firm Giambrone (SLG) has today announced a partnership with a global finance firm focused on litigation funding to finance increasing number of litigation in the forex and binary option sectors.

Third-party litigation funding in the UK and in the US has entered the mainstream. Investor groups have been pouring unprecedented sums of money into financing litigation and in recent years, well-heeled investors such as pension funds “have collectively pumped more than a billion dollars in the sector”, according to a May 2016 Wall Street Journal article.

One of the first cases in which Giambrone is considering to make recourse to litigation funding relates to a proposed class action against one of the world’s largest binary option brokers with a history of regulatory issues on four continents. Giambrone is currently investigating multiple complaints of fraudulent binary options trading by several investors against Banc de Binary, a Cypriot and Israeli investment firm trading in binary options along with ET Binary Options Ltd, BO Systems Ltd and BDB Services Ltd (which are based in Israel and the Republic of Seychelles).

More News about about Banc De Binary: IFSC removed the license of Banc De Binary

Banc de Binary, which in 2015 announced that it had signed a one-year sponsorship with Liverpool FC, has recently hit the headlines with the latest adverse court judgment obtained by the U.S. Commodity Futures Trading Commission (CFTC) which forced the company to pay over 9 million dollars in restitution to a large number of American clients. This judgment has set a precedent and has provoked a number of European, Australian and Middle Eastern investors to approach Giambrone with a view to issuing civil and regulatory proceedings to seek compensation and restitution.

More News about Banc De Binary: CFTC: Banc de Binary Ltd and ET Binary Options Ltd are among Binary Options Firms ordered to pay $9 Million penalty

“There are various grounds of concern which can be used to issue legal proceedings against Banc De Binary before an English or Cypriot court – says Joanna Bailey, who is heading up the group litigation in Giambrone, one of the few global law firms with a dedicated legal team which focuses exclusively in Financial Services, Forex & Binary Option litigation worldwide – One of the major issues is that Banc De Binary acts as the counter party to their customers’ binary options transactions on a variety of assets, including commodities, forex pairs, and stock indices but its customers may not be eligible contract participants as they may be retail customers. In addition, we represent clients based in various jurisdictions such as the USA, Canada and Australia where these binary option transactions promoted by Banc de Binary violated federal laws prohibiting the trading of options off-exchange”.

Source: Giambrone – Giambrone introduces litigation funding for complex forex and binary option litigation

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